Bitcoin hits $97,000 amid optimism over Trump’s crypto plans

Bitcoin prices surged above $97,000 on November 21, reaching new heights amid optimism over a friendlier US crypto policy under President-elect Donald Trump. The price jumped 5.7% to approximately $97,445, pushing the cryptocurrency’s market cap to $1.93 trillion, as reported by Coinmarketcap. Bitcoin’s all-time high hit $97,628, bringing it closer to the $100,000 mark.

This remarkable rise marks a more than 300% increase from last year when Bitcoin was trading around $30,000. The surge has been largely fueled by renewed optimism following Trump’s reelection, with growing institutional involvement and Bitcoin ETFs drawing in more investors. Since Trump’s win, Bitcoin’s value has jumped 40%, reflecting widespread confidence in his pro-crypto stance.

Edul Patel, CEO of Mudrex, attributed the rally to evolving regulatory clarity and expanding mainstream adoption of digital assets. “This rally is driven by growing optimism, increasing institutional participation, and Bitcoin ETFs,” Patel said. He also noted that Bitcoin could soon hit the $100,000 mark.

Trump’s plans to establish a dedicated White House role for cryptocurrency policy have further boosted market sentiment. Industry representatives have been lobbying for this position to have direct access to Trump, who has promised to turn the US into the “crypto capital of the planet” and suggested the idea of accumulating a national Bitcoin stockpile.

These developments, alongside actions by major players like MicroStrategy Inc., which is ramping up Bitcoin purchases, and the recent debut of options trading on Bitcoin ETFs, have contributed to the crypto market’s growth. Over $4 billion has flowed into US-listed Bitcoin ETFs since the election, with options trading, particularly call options, showing bullish sentiment.

The crypto sector is gaining momentum as it moves toward greater mainstream acceptance, with Trump’s support likely playing a significant role in its continued rise.